AGM, page-7

I went to the presentations held back september and again watch all PEN content as its a sizqble position in my portfolio.

I know that he stated to me/group at that time that he had been approached re requirements to raise the full ~$80mil that the DFS put forward to complete all CAPEX. It was in this context he said a large raise would not be required. I thought that was pretty clear.

I am dissapointted that it wasnt a smaller raise - would have liked to see at least a portion of the funds be pulled from a debt instrument, at least a 70/30 split. ~25% dilution at such lows is hard to swallow.

As for his statement around not selling the U308 because he sees material gains in the near future… I can only say, which is more undervalued, your stock price or the commodity? Because to me that one was pretty clear. I’m of the view that having that surplus inventory as a safety buffer to support the contract requirements come Q4 23 is at least partially to blame. Wayne is conservative by nature and will be well aware that the first six months of production is likely to be rocky and they are running out of time re contract commitments.